BPCL Posts Operationally Strong Q3 Results; Marketing Profitability Support Earnings: Prabhudas Lilladher
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Prabhudas Lilladher Report
During Q3 FY21, Bharat Petroleum Corporation Ltd.’s core standalone Ebitda adjusted for inventory gains and forex gains was at Rs 34.6 billion (up 178%QoQ) due to higher marketing earnings.
We believe uncertain global demand and high inventory levels will likely keep crude oil prices range bound to support marketing margins in medium term.
Meanwhile gross refining margins will recover with pickup in economic activity and lower operating cost (due to soft spot liquefied natural gas prices) will support refining earnings.
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